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Saigon Gold Jewelry Company gold bar price fell 1.05% to VND141 million (US$5,506.20) per tael, but is still up 1.44% so far this week.
Gold ring price declined by 1.27% to VND140.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices eased on Friday as a rebound in oil prices fanned inflation worries and bolstered higher-for-longer interest rate expectations, though bullion remained on track for a weekly gain as investors awaited key US payrolls data later in the day, Reuters reported.
Spot gold fell 0.6% to $4,063.39 per ounce, but was up 4% so far this week. US gold futures for December delivery dropped 1% to $4,072.90.
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Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
"Crude oil has rebounded mostly over the past day, which remains one of the inflationary knockbacks pressuring gold," said Ilya Spivak, head of global macro at Tastylive.
Markets are still digesting the US midterm election outcome, leaving gold largely rangebound in consolidation phase, Spivak said.
Higher energy costs can reinforce expectations that the Federal Reserve will keep interest rates elevated for longer, raising the opportunity cost of holding non-yielding bullion.
